CBI chief: 6,000 LCs opened after lifting the sanctions

EghtesadOnline: Governor General of the Central Bank of Iran Valiollah Seif says 6,000 Letters of Credit were opened by Iranian banks in the post-JCPOA era.

News ID: ۷۳۶۲۲۲

25 August 2016

Seif made the remarks in an interview with Persian daily, Iran, published in the Wednesday edition, according to IRNA.

Seif said that an agreement reached by Iran and the Washington-based Financial Action Task Force (FATF).

He said that government of President Hassan Rouhani advocates transparency and that certain people not benefiting from transparency, oppose Iran-FATF agreement.

The world’s anti-money laundering body recently suspended some of its restrictions against Iran, citing the country’s commitment to legitimate business.

FATF on June 24 hailed Iran’s adoption of an action plan to address shortcomings in its anti-money laundering policies and its decision to seek assistance to implementation.

In its plenary meeting in South Korea, the international body took into account Iran's implementation of an anti-money laundering law and its membership at the Eurasian Group, an FATF-style regional body.

Seif said Iran's economy is on verge of undergoing great developments in light of policies and programs of the 11th government in the past three and half years.

He said single digit inflation and positive economic growth and relative stability governing the markets promise days of revival of production and investment for the Iranian and foreign economic activists.

He said that inflation index was brought to 9.2 percent from 40 percent in the first half of the Iranian fiscal year of 1392 (started on March 21, 2013).

He noted that checking inflation through promoting monetary discipline and preserving market stability and management of inflation are on agenda of the economic team of government and of the CBI.